Assessing repairs, obtaining 3 quotes, and authorizing contracts for said repair is outside that scope and subject to additional billing.

and the best: it was listed and valued as a 800sqft studio, but is really three individual houses (two 2/1, one 1/1) totalling 2425sqft on 1/4acre - massive equity in there, let me know if you are interested!

-You are not authorized to hook up a generator to the property. 

Fed allows up to $15k per individual. 

Loans are based almost entirely on the financials of the property not the individual. 

I think it's going to depend on the market, and individual tolerance/desires for return, when you start looking at cap rates and so forth.  

An individual qualifies as a real estate professional for the tax year if -a. more than 50% of the personal services performed by the taxpayer in all trades or businesses during the tax year are performed in real property trades or businesses in which the taxpayer materially participates; The rental or any other activity that you do not materially participate cannot be counted. andb. the taxpayer performs more than 750 hours of service during the tax year in real property trades or businesses in which the taxpayer materially participates., the rental or any other activity that you do not materially participate cannot be counted.

Glad to find like-minded individuals that are willing to make those sacrifices upfront in order to enjoy serious gains in the future!!

One idea we had was to rent individual bedrooms to students around $800 each.

You have to understand their individual needs more deeply and get creative.